The Ultimate Guide to Client Onboarding

December 2, 2019
The Ultimate Guide to Client Onboarding

A poor client onboarding experience can cost businesses customers before they’ve even signed up.

In today’s always-on, tech-savvy society, people have come to expect a seamless digital onboarding process. Anything less can cause drop-off rates to spike, which can have detrimental consequences for company growth. To be a competitive player, businesses simply can’t afford to ignore the customer onboarding process any longer.

Transforming the client onboarding process with DueDil can help to create a slicker customer journey for businesses and boost customer satisfaction rates.

Not only that, but it also creates a sustainable competitive advantage for businesses, something that’s hard to come by in increasingly-saturated industries.

What is client onboarding?

The customer onboarding stage is the point at which businesses collect the necessary information to start the customer-business relationship and meet the relevant KYC requirements. More often than not, it’s one of the first meaningful interactions a customer has with a business. If the customer has a bad experience, they’re more likely to defer to a competitor.

The importance of effective client onboarding

Creating an optimal onboarding experience is important for:

  • Ensuring the company is meeting the necessary compliance requirements
  • Accelerating the onboarding process, allowing businesses to onboard more customers quicker, and providing a seamless customer experience
  • Boosting customer satisfaction rates
  • Creating efficiencies for your team, freeing up their time to make more sales
  • Reducing drop off rates, and helping your team hit their targets

Client onboarding process

  1. The first stage of the client onboarding process involves collating data and identification documentation on the customer.
  2. In order to verify this information, the second stage involves conducting a series of background checks. These customer identification checks uncover related entities including beneficial owners, parent companies and portfolio companies.
  3. Companies may also run historical checks at this point in the onboarding process to identify any fraudulent activity involving the client or sanctions against them.
  4. This information is then analysed to determine whether the client is a high or low risk customer.
  5. If the client is deemed to be a low level risk customer, business can then commence.

Optimising customer onboarding with DueDil

Transforming the customer onboarding process with DueDil empowers businesses to provide unrivalled customer experience and stand out from competitors. With DueDil, you can create an onboarding process that customers remember for the right reasons.

Eradicate barriers to growth

Is your current process impacting your business potential?

Ineffective customer onboarding can be mind-numbingly tedious for the customer and can cause them to feel frustrated and stall or drop off completely. This can have a negative impact on reputation and stall business growth and trajectory.

Declutter the process

Is your onboarding process unnecessarily complicated?

DueDil’s API simplifies the process and removes the manual effort with auto populated forms, for a quick and stress-free sign-up process, making life easier for the customer and in-house teams.

Empower your sales and compliance teams

Can your teams trust the data they’re working with?

The DueDil API supplies teams with accurate client information from a single integration, so they can feel confident with the data they are using.

Businesses can perform global sanction, relatable parties and KYC & KYB checks within the API. Teams are empowered to spend less time collecting, checking and cleaning data, and more time driving business growth.

Onboard more customers and boost ROI

The DueDil API enables teams to collect and verify customer data with speed and confidence, meaning they onboard more customers in less time. After all, time is money.

Removing silos and blockages along the way means businesses can transform their operations and accelerate company growth now, not in five years.

Looking to streamline your processes to drive business growth? Contact us for more information and see our API in action.

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